February 24, 2021
Company name:
Representative:

Inquiries:Tel:

ES-CON JAPAN Ltd.
Takatoshi Ito, President &Representative Director(TSE 1st Section, code: 8892)
Minoru Nakanishi,
Senior Managing Director+81-3-6230-9308

Notice of Earnings Forecasts for Fiscal Year Ending December 2021
ES-CON JAPAN Ltd. (ES-CON JAPAN) announced decisions concerning consolidated earnings
forecasts for the second quarter and full fiscal year ending December 2021 made at its board of directors’
meeting held today. These figures, which were to be determined in the Summary of Accounts for Fiscal
Year Ended December 2020 (Japanese GAAP) (Consolidated) announced on January 28, 2021, are asfollows:
ES-CON JAPAN also released today a news release on “Notice of formulation of “IDEAL to REAL 2023”,
the fourth medium-term management plan,” the new medium-term management plan for the three-year
period from December 2021 through December 2023. We ask that readers also review that news release.
1. Consolidated earnings forecasts
Consolidated earnings forecasts (cumulative) through the second quarter of the fiscal year ending
December 2021 (January 1 – June 30, 2021)
ProfitBasic
Operating
Ordinary
attributable
Net salesearnings perincome
incometo owners ofshareparent
Million yen

Million yen

Million yen

Million yen

Yen

Previously announced
forecast (A)54,968

10,595

10,0706,990

102.14

Revised forecast (B)29,400

3,900

3,300

2,100

25.82

Change (B - A)

(25,568)(6,695)(6,770)(4,890)(76.32)

Percent change (%)(46.5)(63.2)(67.2)(70.0)(74.7)-1-Full-year consolidated earnings forecast for fiscal year ending December 2021 (January 1 – December 31,2021)
ProfitBasic
Operating
Ordinary
attributable toNet sales
earnings perincome
incomeowners ofshareparentPreviously announced
forecast (A)Million yen

Million yen

Million yen

Million yen

Yen

77,308

12,202

11,1647,663

111.94

Revised forecast (B)80,00010,800

9,400

6,200

70.22

Change (B - A)

2,692

(1,402)(1,764)(1,463)(41.72)

Percent change (%)

3.5(11.5)(15.8)(19.1)(37.3)

2. Reason for revision of consolidated earnings forecasts
At the time of announcing settlement of accounts for the fiscal year ended December 2020, on January
28, 2021, consolidated earnings forecasts for the fiscal year ending December 2021 had yet to bedetermined, in order to better understand the impact of COVID-19 on ES-CON JAPAN in light of theissuance of a new state of emergency related to the pandemic. However, as noted in “Notice of Issue ofNew Shares for Subscription through Third-Party Allocation, Partial Amendment of Articles of Association,(Planned) Change in Parent Company, and Conclusion of Agreement on a Capital and Business
Partnership with Chubu Electric Power Co., Inc.”, a separate news release also issued today, theCompany has determined that it can strengthen its financial standing through a capital increase realized
by becoming a Chubu Electric Power consolidated subsidiary Co. Chubu Electric Power for its part enjoys
strong corporate credit. Thus, as of the same date, ES-CON JAPAN announced the fourth mediumterm management plan “IDEAL to REAL 2023”. This plan addresses the three-year period fromDecember 2021 through December 2023. This announcement of consolidated earnings forecasts isbased on this fourth medium-term management plan.
The Summary of Accounts for the Fiscal Year Ended December 2020 announced on January 28, 2021
projects dividends in the fiscal year ended December 2021 of 38 yen per share, equal to the amount for
the fiscal year ended December 2020.
Previously, on July 30, 2020, ES-CON Japan announced a review of its progressive dividend policy; thispolicy sets the dividend per share [DPS] for the preceding fiscal year as a lower boundary and resolves inprinciple to maintain or increase but not to reduce the per-share dividend. ES-CON JAPAN has now
decided to maintain this progressive dividend policy in FY2020 and beyond. For the period addressed by
the fourth medium-term management plan announced today, which covers the three-year period from
December 2021 through December 2023, ES-CON JAPAN plans to maintain dividends of at least 38 yen
per share.

-2-[Reference]
 Earnings results for the most recent three years and consolidated earnings forecasts under the fourth
medium-term Management Plan
(Unit: millions yen)
Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year
endingendingendingendingendingendingDecember
December
December
December
DecemberDecember
2018
2019
2020
2021
2022
2023
(actual)(actual)(actual)(planned)(planned)(planned)
Net sales

54,325

72,10677,30880,00098,000110,000

Operating income

11,561

12,912

12,202

10,80014,00016,000Ordinary income

10,498

11,81011,164

9,400

―

―

Profit attributable toowners of parent

7,226

8,155

7,663

6,200

―

―

Yen

Yen

Yen

Yen

―

―

105.98119.17111.94

70.22

Profit per share

Fourth medium-term management plan

 About the fourth medium-term management plan “IDEAL to REAL 2023”
https://www.es-conjapan.co.jp/english/about_us/plan.php
 Today's separate news release concerning the capital increase through third-party allotment
https://www.es-conjapan.co.jp/english/ir/index.php-3-